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Mortgage Applications Fall Sixth Month

By Markets Desk · 2026-09-09 · 1 min read
A stack of mortgage documents and a house key on a wooden desk
Illustration: Tradingbird

Total mortgage application volume dropped 3.2 percent in August, marking the sixth consecutive monthly decline. The Mortgage Bankers Association data confirms a sustained cooling trend in the housing finance market.

Total mortgage application volume fell 3.2 percent in August. This marks the sixth consecutive monthly decline. Year-over-year activity dropped 9.1 percent. The Mortgage Bankers Association reported these figures in its latest survey. Elevated US Treasury yields drove the contraction.

Purchase applications decreased 3.1 percent from July. Refinance applications declined 3.5 percent over the same period. Compared to August 2025, purchase volume is down 2.5 percent. Refinance volume is down 16.6 percent year-over-year.

Rates Rise Amid Yield Pressure

The average contract rate for a 30-year fixed mortgage rose 8 basis points. The rate reached 6.78 percent in August. This is 9 basis points higher than a year ago. Higher yields continue to suppress borrowing demand.

ARM Share Edges Higher

Adjustable-rate mortgage applications fell 0.6 percent month-over-month. Fixed-rate applications dropped 3.4 percent. ARM share of total applications rose to 7.9 percent. This is up 0.2 percentage points from July. The average 5/1 ARM rate stood at 5.90 percent.

Average Loan Sizes Contract

Overall average loan size decreased 2.3 percent to $375,300. Purchase loan size fell 0.8 percent to $441,000. Refinance loan size dropped 4.5 percent to $283,000. ARM loan size edged down 1.5 percent to $923,800. These declines reflect broader market softness.

Based on reporting by GN auto markets/bonds: interest rates, compiled by the Tradingbird desk.

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